BoE hits Citi with fine over reporting failures
Penalty marks first time PRA has sanctioned a systemic firm for regulatory reporting breaches
The Bank of England has fined Citigroup’s UK operations for failures of governance and internal controls that led the bank to breach regulatory reporting requirements.
The £43.9 million ($56.4 million) penalty imposed on parts of the global systemically important bank today (November 26) is the latest in a series of fines by UK regulators on various major banks this year.
The fine was levied jointly on Citigroup Global Markets, Citibank’s London branch and Citibank Europe’s UK branch.
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